By Connor Campbell, Financial Analyst, Spreadex
There was another muted start this Tuesday – understandable given the general lack of intrigue on offer this morning.
Having hit a 7 week high by yesterday’s close the FTSE pulled back slightly after the bell, dipping 10 or so points to trade at 7525. Part of that is due to the red-tinged open from the miners, the sector’s confidence knocked by the Chinese imports and exports miss revealed overnight.
There’s also a 2.5% fall from InterContinental Hotels Group PLC(LON:IHG) (LON:IHG) to contend with. The Holiday Inn owner managed to disappoint investors with its 2.1% rise in global like-for-like first half RevPar, as its second quarter growth slowed to 1.5% against the 2.7% seen in Q1. This overshadowed some pretty robust figures elsewhere, with IHG posting a 9.4% jump in pre-tax profit and subsequently hiking its interim dividend 10%.
Over in the eurozone the DAX and CAC got off to another sluggish start; the former dipped 0.1% to remain below 12250, while the latter slipped 0.2%. As for the euro, it continued to edge higher, staying above $1.18 with a 0.1% rise while leaving its foot on the pound’s neck to keep sterling at a 10 month low.
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